Broker hired to sell former community college campus

STRATHAM — A local commercial real estate broker said his firm is "casting a wide net" in an effort to sell the former Great Bay Community College campus site located at 275 Portsmouth Ave.

Jennifer Keefe

STRATHAM — A local commercial real estate broker said his firm is "casting a wide net" in an effort to sell the former Great Bay Community College campus site located at 275 Portsmouth Ave.

David Choate, executive vice president of Grubb and Ellis, said the company has shown the property regularly and potential buyers have expressed an interest in using it for an athletic facility, light manufacturing or mixed-use multi-tenant office space.

There are many possible uses permitted under the property's zoning designation as a flexible/mixed-use development district.

In 2009, the community college relocated to Pease International Tradeport for a more centralized location, and zoning of the site changed during a permitting process for Webster Continuing Care of Rye in 2008. Webster had proposed redevelopment of the property for a mix of independent and assisted-living facilities, but in 2011 decided against purchasing the site, citing the large financial commitment during poor economic conditions.

The property, owned by the Community College System of New Hampshire, features the more than 100,000-square-foot, three-story steel-and-concrete academic building as well as 31 acres of buildable land.

Under current zoning, there are about 20 possible uses for the site, including a retirement community, multi-family housing, a medical or educational facility, corporate or business offices, and a hotel or conference center.

"It's a great opportunity for the right kind of buyer," said Shannon Reid, director of communications for the Community College System.

Choate noted three constraints on the property are lack of a sewer system, which prohibits heavy water usage, wetlands on the property and the possible need for traffic adjustments depending on the future use. But overall, he said, the building — constructed in 1982 — has been well-maintained and is in sound condition.

CCSNH hired Grubb and Ellis last fall to represent the college in the sale. Grubb and Ellis recently finalized marketing materials and are reaching out to potential buyers through Web sites and databases for large-property listings, a targeted advertising campaign, road signage and word of mouth.

The marketing materials contain information about Stratham's zoning, potential for redevelopment, aerial views of the property, building and floor plans, pertinent demographics for Stratham and Rockingham County, and other property information.

"We certainly came to the realization this past year that we would aggressively market it again," said Ron Rioux, vice chancellor of CCSNH.

The sale will be done through a request for offers, so there is no set list price at this time. The property is being appraised by a private firm.

The property is bonded by the state and any proceeds from the sale above and beyond the remaining amount of the bond would go toward general operating expenses at CCSNH.

Choate said it's a "good time" for the property to come on the market, noting the Stratham Planning Board is "very proactive and willing to work to get a good development in there." Aside from bringing jobs to Stratham, the site may also go back on the property tax rolls if it's not occupied by a nonprofit entity.

"There's no magic pill for selling this building, but the more visibility we can get for it, the better," he said, adding an advantage to the site is that it already has a building on it, as construction costs are much higher than rehabilitation.

Choate said he anticipates having the property under a purchase-and-sales agreement by summer, and sold in about a year after going through the permitting and approval process. Marketing materials and contact information is available at www.275PortsmouthAvenue.com.

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